Financial sector clean-up one of the inescapable parts of governance – Akufo-Addo

President Nana Akufo-Addo has described as “inescapable parts of governance” his government’s decision to revoke the licenses of nine indigenous banks due to insolvency.

The president stressed the point that despite the associated job losses and pain caused, the clean-up was necessary as there was a bigger picture to the clean-up exercise.

“There were reports by the World Bank, IMF and even the BoG which we saw when we came to office, foretelling the total collapse of the banking sector if nothing was done to stop it and so we had to do it,” he said in an interview on University of Cape Coast-based Atlantic FM, monitored by adomonline.com.

“It was one of the most difficult decisions I had to take, but these are the inescapable parts of governance, so yes there were job losses and pain was caused but there was a broader picture which is the progress and betterment of the economy,” he noted.

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The New Patriotic Party government in August 2017, embarked on a clean-up exercise of the financial sector due to the insolvency of the banks and other financial institutions in the country.

Nine indigenous banks, 347 micro-finance institutions, 15 savings and loans and eight finance houses were collapsed in the banking sector.